Bondlady’s Corner

Iraqi News Highlights Friday Afternoon 2-24-23

Tlm724 Administrator Bondlady’s Corner

February 2023  IRIS REPORT    The Institute of Regional and International Studies (IRIS) is an Iraq based research center committed to producing independent and empirically rigorous political analysis of Iraq and the broader Middle East region.   Housed at the American University of Iraq, Sulaimani (AUIS), the Institute partners with academic institutions and funding agencies from across the world that share IRIS’ mission of grounding the policy conversation on Iraq in rigorous research and local expertise.

What’s Happening with the Dinar?  Interview with Ahmed Tabaqchali   Page 5    LINK;

The Prime Minister Confirms The Continuation Of Government Measures To Achieve Stability In The Currency Market

Political    Yesterday, 22:24  Baghdad –  The Prime Minister, Muhammad Shia’a Al-Sudani, confirmed today, Thursday, the continuation of government measures to achieve stability in the currency market.

The media office of the Prime Minister stated, in a statement received by the news agency (INA), that

“Prime Minister Muhammad Shia’ al-Sudani presided today, Thursday, the fourth meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, in the presence of the Governor of the Central Bank and government financial bodies and departments; taxes, customs, border crossings, and exhibitions.” commercial”.  Al-Sudani affirmed, according to the statement,

“the continuation of the government’s measures aimed at

achieving stability in the currency market, and the

pursuit of speculators and manipulators who try to destabilize the currency market, and the

pursuit of speculators and manipulators who are trying to destabilize the market.”

Where our security services continue to monitor them and hold them accountable legally. The statement added,

“The meeting witnessed a review of a number of recommendations related to improving the work environment, which will be presented next week to the Ministerial Council for Economy and deliberation in developments in the economic conditions in Iraq, and follow-up on laws, recommendations and directives issued, and the level of their implementation by the concerned institutions.”

He pointed out that  “the project of the electronic permit system and networking was reviewed in detail, and  the directives that were implemented were discussed during the meeting chaired by the Prime Minister more than ten days ago, with the team in charge of implementation, as His Excellency praised the project, which will secure the work of border crossings and simplify procedures.” Which will be done electronically, prevent manipulation and forgery, and limit money laundering and customs evasion.

He pointed out that  “the meeting also witnessed a discussion of what has been implemented regarding communication with importers of medical devices, and submitting proposals on facilitating procedures regarding the import and manufacture of medicine, and the proposals included reducing customs tariffs for a number of raw materials for medicines and medical supplies, secondary packaging materials for medicines, and medical supplies.” And machines, production lines, and laboratory and medical devices, with raising the customs tariff on imported medicines that are similar to what is produced locally.

He continued,  “The meeting discussed the issue of joint operating contracts between private sector companies and the General Company for Iraqi Ports, and the most important steps that were implemented in this regard, which included field visits to the company, and the process of auditing the fees and wages that are charged.”–.html

Economist / Nina / Linking Iraq To The Global Swift System Will Monitor The Quality Of The Iraqi Banking System

Wednesday 22 February 2023 08:00 | Economical   Number of readings: 446  Baghdad / NINA / – The expert in economic affairs, Safwan Qusay, confirmed that linking Iraq to the global Swift system will monitor the quality of the Iraqi banking system.

Qusai said in a statement to the National Iraqi News Agency ( NINA ) that ”  it is clear that Iraq will comply with the requirements of the US federal system and the international remittance system, given that

the process of securing international transfers will contribute to enhancing confidence in the Iraqi banking system and thus attracting investment and creating job opportunities for Iraqis.”  He added that

the process of linking Iran’s economy to the sanctions and the attempt to export Iranian goods to the Iraqi interior without external transfer, in my estimation, contributed to an increase in the exchange rate in the parallel market, given that

Iranian goods are sold in Iraqi dinars, and then the dollar is bought from the parallel market and an attempt is made to extract the dollar by several means, indicating that

Previously, the transfer process was carried out by following a system of transfers to secondary correspondent banks and inflated bills for prices that contribute to taking out the Iraqi dollar without bringing goods or services. checked daily.”  He added that

the Iranian side should demand the organization of trade with Iraq through the US Federal Reserve to buy Iran’s economic needs through a clear trade system between Iraq and Iran in order for us not to be subject to US sanctions because the violation of sanctions on the Iraqi side could lead to subjecting the Iraqi banking system to sanctions.

Certainly, securing trade will be followed by the process of establishing a new base for importers to Iraq, and this system will certify the quality of the Iraqi banking system.”

A member of the Iranian Chamber of Commerce, Ali Shariati, confirmed that linking Iraq to “Swift” hinders Iran’s circumvention of sanctions.

Iran’s Arabic website quoted Shariati as saying :

Soon, Iraq will be linked to the global Soviet system of financial courtship, and

this matter will deprive us of some ways to circumvent the US sanctions imposed on us.  And Shariati continued:

We have to increase the volume of our trade exchange with Iraq and China and work to enhance our exports to the rest of the world. /


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